Incorporating User Heterogeneity in Value of Time (VOT) and Value of Reliability (VOR) for Manages Lanes
Corresponding Author: Md Sakoat Hossan, CDM Smith
Presented By: Md Sakoat Hossan, CDM Smith, Inc.
The study will present a comprehensive study in Value of Time (VOT) and Value of Reliability (VOR) analysis in the context of managed lane (ML) facilities. Combined Revealed Preference (RP) and Stated Preference (SP) data were used to understand travelers’ choice behavior regarding the usage of MLs. The data were obtained from the South Florida Expressway Stated Preference Survey conducted by the Resource Systems Group, Inc. (RSG), which gathered information from automobile drivers of South Florida who had recently made a trip on I-75, I-95, or SR 826 corridors. Mixed logit modeling was applied and indicated an average value of $9.41 per hour for VOT and $13.02 per hour for VOR.
The research hypothesize that the time and reliability benefits perceived by the travelers from MLs are heterogeneous. Potential sources of heterogeneity in user sensitivities to time, reliability, and cost were identified and quantified by adding interaction effects of the variables in mixed logit model. The findings indicate that various socioeconomic demographic characteristics and trip attributes do contribute to the variations in VOT and VOR at different magnitudes. The results of this study contribute to a better understanding on what attributes lead to higher or lower VOT and VOR and to what extent. These findings can be incorporated into the demand forecasting process and lead to better estimates and enhanced analytical capabilities in various applications, such as toll feasibility studies, pricing strategy and policy evaluations, and impact analysis, etc.